The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.
A public hearing will be held by Westchester County officials tonight regarding JPMorgan's request for new hangar space.
According to JPMorgan Chase architects, the new hangar will be built with reclaimed wood, quarry tile and even a "vegetated roof garden."
The Gulfstream 650's are described by the manufacturer as the "fastest," "widest" and "most comfortable" private jet ever with superior cabin amenities, an optional stateroom, and 12 interior designs to choose from.
"It's a remarkably boneheaded decision," said corporate watchdog Nell Minow, the editor and founder of The Corporate Library, a group that provides independent corporate governance research and analysis. "It's completely tone deaf."
RelatedBig Three CEOs Flew Private Jets to Plead for Public Funds

Mike Dolphin, president of fixed-based operator Avitat Westchester, is fighting the bank's grand plans – because he says JPMorgan's proposed expansion would force his company out of the hangar the bank is eyeing. Westchester County, NY has recommended that the bank – a "high quality corporate citizen" – be awarded the lease to the hangar when it becomes available in April 2010, in part, because of how much money it is dedicating for the "construction of a state of the art "green building.""
"I am the little guy, so we have a bit of a David versus Goliath fight on our hands," Dolphin told ABC News. He said JPMorgan Chase's plans come at the "wrong place, wrong time" and that despite scaled back private aviation from other TARP-funded companies, JPMorgan Chase is going ahead with its plans, which, if finalized by the county, will cut his business and his staff in half.
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"You wouldn't find another hangar in the airport that has anything near this," Dolphin said of the bank's proposal.

JPMorgan Says No TARP Money Will Be Used

Joseph Evangelisti, a spokesman for JPMorgan Chase, said no TARP money would be used to make any payments for new jets or jet hangar improvements. He refused to comment on whether JPMorgan had put a down payment for new planes, saying only that any future jet purchases would be part of its normal aircraft replacement policy, and that JPMorgan Chase will repay all TARP money before it makes any payments for new planes or renovations.
The spokesman also said the bank would have nine years to make its $18 million in renovations, but the county told ABC News that JPMorgan Chase's plans indicate that renovations would be complete within six months of assuming the lease.
JPMorgan Chase currently has four jets at Westchester Airport, two of which would be replaced by the 650's when they arrive in 2013, Dolphin said.

If you give neighbor 50.00 because his rent is past due and he buys a hooker with it, which one of you is stupid? What did we think they were gonna do,Start acting like the've supposed to all along? We should have let them crash. Live and learn. A lot of good companies have come out of chapter 11 or whatever, the big three and the banking industry should have to make it based on merit. And now there talking about newspapers companies! I for one like the new choises I have for news thanks to web. Why prop them up when you cant get people to read-em? The loss of common sense in our country is just unbelievable.

Its the web itself that is one of the reasons for the failing printed newspapers. Newpapers generate income from advertising, not subscriptions which are a lost leader. If people aren't buying print media but reading their news online, the newspapers will not survive because advertisers will not waste their dollars on unread papers. The unfortunate thing is that fewer newspapers means fewer reporters to cover more than just the headlines and what the hierarchy of the new media wants distributed.

When I worked for the Hartford Courant, I was paid by the inch for whatever I could get into print plus extra for photos. That was the real motivator to get out there and find news - for better or for worse. Sometimes, the paper would give me a limit on the inches available to me on a given day but they would usually bump inches to the next day if I ran over my limit.

"The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion."Albert Camus________________________________If I have been of service, if I have glimpsed more of the nature and essence of ultimate good, if I am inspired to reach wider horizons of thought and action, if I am at peace with myself, it has been a successful day. Alex Nobel

If I have managed to get through the day without wishing bodily harm to another human being, if I have gotten through the day without killing a plant, if I have been able to get at least 2 hours of sleep, if I have been able to hide my fangs behind a smile and rain on my heart behind a laugh, it has been a successful day. my evil twin

ghrit - IIRC, you are using Firefox. Go to the Tools/Options/Content menu and delect "Block Popup" You can selectively allow popups (sometimes necessary) as they occur since FF will alert you that a pop-up is being blocked.

"The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion."Albert Camus________________________________If I have been of service, if I have glimpsed more of the nature and essence of ultimate good, if I am inspired to reach wider horizons of thought and action, if I am at peace with myself, it has been a successful day. Alex Nobel

If I have managed to get through the day without wishing bodily harm to another human being, if I have gotten through the day without killing a plant, if I have been able to get at least 2 hours of sleep, if I have been able to hide my fangs behind a smile and rain on my heart behind a laugh, it has been a successful day. my evil twin